SoFi Technologies has launched SoFi Earn (SOFIE), which it describes as the first and only national bank-issued tokenized deposit for consumers. Each SOFIE token represents $1 held on deposit at SoFi Bank and earns a 4.40% annual percentage yield (APY), with funds FDIC-insured up to applicable limits. The product is rolling out to SoFi Crypto members through November.
Members can convert SOFIE 1:1 to SoFiUSD, then use the SoFiUSD to buy crypto directly in the SoFi app or move money over blockchain rails 24/7. SoFi said SoFi Earn is its fifth new crypto offering in less than a year.
DEPOSIT LIABILITY, INSURANCE AND VARIABLE YIELD
SOFIE is a tokenized deposit representing a deposit liability of SoFi Bank, N.A. Funds it represents are eligible for FDIC insurance up to $250,000 per depositor, and SoFi states that SOFIE is not a payment stablecoin. The APY is variable and subject to change at any time.
SoFi describes tokenized deposits as digital representations of bank deposits issued by banks and eligible for FDIC insurance. Stablecoins, by contrast, are asset-backed tokens issued by various regulated entities, typically without deposit insurance.
SoFi also points to a difference on interest. Stablecoins are generally prohibited from paying interest directly to holders because of regulatory restrictions designed to protect the traditional lending system, while tokenized deposits remain within the traditional banking regulatory framework. Stablecoins are governed by newer digital asset rules.
IDLE BALANCES BEHIND THE LAUNCH
Anthony Noto, CEO of SoFi, said too much money in the digital asset ecosystem is sitting idle, leaving potential earnings on the table for millions of people. Fed research estimates that approximately $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used, forgotten or inactive wallets.
BUILDING ON A YEAR OF CRYPTO LAUNCHES
In November 2025, SoFi became the first and only nationally chartered bank to launch consumer crypto trading, having exited the business years earlier. Members can now trade more than 40 cryptocurrencies through SoFi Crypto.
In December 2025, SoFi launched SoFiUSD (SOFID), the first stablecoin issued by a U.S. national bank, across the Ethereum and Solana blockchains. The bank later brought SoFiUSD to its consumer app in May, when it also outlined plans for tokenized deposits, cross-border transfers and additional institutional integrations. In September, SoFi began settling card transactions using SoFiUSD on Mastercard's global payments network, and the token is now used to settle SoFi's entire card program.
Earlier in 2026, SoFi launched Big Business Banking, giving companies a regulated platform to manage both fiat and digital assets. SoFi has 15.8 million members who use its app to borrow, save, spend, invest, protect their money and trade crypto.
Related: SoFi begins settling $25 billion annualised card programme in SoFiUSD